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aleksley [76]
3 years ago
9

Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $100,000 in total revenues and paid $35,000 to his em

ployees and suppliers. During the course of the year, he received three offers to work for other barbers, with the highest offer being $55,000 per year. What is Joe's accounting profit?
Business
1 answer:
Agata [3.3K]3 years ago
3 0

Answer:

Accounting profit= $65,000

Explanation:

Giving the following information:

Last year he earned $100,000 in total revenues and paid $35,000 to his employees and suppliers.

The difference between the accounting profit and the economic profit is that the last one includes the opportunity cost.

In this case:

Accounting profit= 100,000 - 35,000

Accounting profit= $65,000

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Mileage for the 200 miles he drove to the ravaged area

2.$1,500 charged to the credit card during the year

3.The cost of lodging while he is volunteering

Explanation:

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C_2C

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4 0
3 years ago
Cliff Co. wants to purchase a machine for $42,000, but needs to earn a return of 11%. The expected year-end net cash flows are $
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54 percent

Explanation:

3 0
2 years ago
Emporia Corporation is a lessee with a capital lease. The asset is recorded at $810,000 and has an economic life of 8 years. The
Doss [256]

Answer:

The amount of depreciation expense the lessee should record for the first year of the lease is $108,000

Explanation:

To calculate the depreciation expense for each year the first thing you have to do is to substruct from the initial value the fair value at the end fo the lease, obtaining this way the depreciable amount.

For this case it would be:

$810,000 - $270,000= $540,000

Then you have to divide the depreciable amount by the years of the term the lease.

$540,000/5= $108,000

4 0
3 years ago
Mike’s Motors Corp. manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end. I
Stolb23 [73]

Answer:

Mike's Motors Corp.

Cash Budget for July, August, and September:

                                          July           August        September       Total

Beginning balance        $32,000     $30,000         $30,000       $32,000

Cash receipts                  83,000      109,000          148,000       340,000

Bank borrowings            26,000           0                   0                  26,000

Total receipts                 141,000       139,000         178,000      $398,000

Cash Payments              111,000        97,900          125,400        334,300.00

Interest                                                    520                 308.40          828.40

Loan repayment                                 10,580            15,420          26,000.00

Total payments              111,000      109,000            141,128.40    361,128.40

Minimum cash balance 30,000       30,000             36,871.60     36,871.60

Explanation:

a) Data and Calculations:

            Cash  Receipts   Cash  Payments

July            $ 83,000        $ 111,000

August        109,000           97,900

September 148,000          125,400

Minimum cash balance = $30,000

Interest on borrowings = 2% per month

July ending:

Borrowing to maintain minimum cash balance = $26,000

Interest for August = $520 ($26,000 * 2%)

August ending:

Loan balance = $15,420 ($26,000 - $10,580)

Interest for September = $308.40 ($15,420 * 2%)

8 0
3 years ago
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